Australia adopts market-based causation (aka fraud on the market) for the first time

The elephant in the room in all shareholder class actions was whether shareholders had to establish their own reliance on the contravening conduct, or could merely rely on that conduct’s effect on the market, akin to the US concept of “fraud on the market”. The NSW Supreme Court has taken a step closer towards Australia […]

Chubb Insurance v Robinson: how to interpret a professional services exclusion

The Victorian Full Federal Court has recently clarified the operation of a professional services exclusion within a D&O policy in Chubb Insurance Company of Australia Limited v Robinson [2016] FC AFC 17. This case demonstrates that a professional services exclusion cannot be expected to exclude all risks that ordinarily fall for cover under a professional […]

Court Rejects Common Fund – for now

Recent data out yesterday showed that 33 new class actions were launched in the 12 months to June 2015, a significant increase on prior years. The threat of a class action is now a leading risk facing Australian companies and there are a plethora of claimant law firms and litigation funders competing to issue the […]